Emil Barr, founder of Flashpass, cancelled a planned move to San Francisco after California’s proposed wealth tax and wider regulatory climate made him wary of building there.
01Summary
- 01Barr, 23, is a millionaire and founder of Flashpass, which is based in Columbus, Ohio.
- 02He had signed a lease to move to San Francisco about a year ago, but later cancelled the move.
- 03California’s Proposition 40 would impose a one-time 5% tax on qualifying billionaires who were California residents on 1 January 2026.
- 04The measure is on the 3 November ballot and would direct 90% of its revenue to healthcare.
- 05The nonpartisan Legislative Analyst’s Office expects the tax to raise tens of billions of dollars over several years.
02Why it matters
The row shows how tax policy can affect where founders choose to build companies and live. It also feeds into a wider fight over whether wealth taxes protect public services or push talent and investment elsewhere.
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